Shop Delray is the second of several core retail acquisitions River Oaks has made recently as it continues to roll out its national expansion initiatives. Founded in 1959 by Gerald Rubin and managed by Adam Frank, its President, River Oaks has developed an extensive portfolio of nearly 200 shopping center and retail assets comprising over 6 million square feet. River Oaks is a long term, generational holder of real estate and plans to continue its strategy of acquiring trophy quality assets in affluent markets throughout the Southeast and Southwest United States.
“Shop Delray is a great example of the type of real estate we want to continue acquiring, and I am currently focused on finding additional trophy-quality assets for us to add to our portfolio,” said Adam Frank, President of River Oaks Properties. “Our competitive advantage is that we use our own equity and can act very quickly when we find a deal we like,” Frank continued. “We have decades of experience making prudent, long-term decisions, and we are excited to continue acquiring irreplaceable assets in core, growth markets like South Florida,” added Gerald Rubin, Founder and Executive Chairman of River Oaks Properties.
“The acquisition represents an emerging trend in the marketplace whereby private, family office led capital is making its way into exceptional growth markets throughout the state of Florida,” said Daylin Ackerman, Senior Vice President at Pegasus. “Shop Delray is one of the most irreplaceable shopping center assets our firm has ever underwritten, and we are thrilled that a high-quality investor like River Oaks was able to capitalize on the property’s once-in-a-generation change of ownership,” added David B. Chasin, Managing Director and Co-Founder of Pegasus. Shop Delray was sourced and acquired on an off-market basis, according to Chasin, who established a relationship with developers Ross Feurring and Jason Scher of Banyon Development while visiting Shop Delray on a holiday vacation in December 2020.
River Oaks has tapped Pegasus Asset Management Inc., an affiliate of Pegasus, to continue the management of Shop Delray on behalf of River Oaks. “River Oaks is truly one of the most impressive ownership groups we have worked with, and we are excited to be a part of their team as they continue to grow their national footprint of best-in-class, irreplaceable retail assets,” said Seth Bell, Managing Director of Pegasus Asset Management.
About River Oaks Properties: Founded in 1959, River Oaks Properties has become one of the largest shopping center developers in the El Paso area. Our strategic investments in rapidly growing, high-traffic areas, commitment to quality construction and proactive style of property management have allowed us to develop an extensive portfolio of more than 200 properties and an unparalleled reputation for excellence. With dedicated teams for construction, accounting, property management and leasing and a comprehensive approach to property development, we’ve built long-term investments and reliable partnerships with local and national businesses. Media Contact: Adam Frank, afrank@ropelpaso.com.
About Banyan Development: Banyan Development is a real estate development company focused on commercial development and real estate investment in the Florida marketplace. The principals have extensive experience in various markets in the US over the last 4 decades and between them have developed over 3 million square feet of retail, office, industrial and residential real estate including Mainstreet @ Boynton, Shop Delray, Lake Worth & Polo Road, University Commons, 2200 Butts, Wellington Green Square and Commons (Wellington, Florida). Banyan Development currently has several